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Laboratorios Farmacéuticos ROVI


€1379.3m market cap

€24.6 last close

Laboratorios Farmacéuticos ROVI is a fully integrated Spanish speciality pharmaceutical company involved in the development, in-licensing, manufacture and marketing of small molecule and speciality biologic drugs with a particular expertise in low molecular weight heparin (LMWH).

Investment summary

Laboratorios Farmacéuticos ROVI (ROVI) has reported operating revenue of €270.8m (+24% y-o-y) for the first nine months of FY19 (9M19), driven by substantial growth in the prescription-based pharmaceutical business (9M19: €199.2m, +27% y-o-y). The focus on new, proprietary products continues to benefit ROVI, as evidenced by ongoing success in the European roll-out of Becat (enoxaparin biosimilar), sales of which grew threefold y-o-y to €52.9m. Total LMWH franchise sales were reported at €122.6m (9M19, +44%), aided by Hibor sales growth in Spain. Management has guided to mid-single digit growth in operating revenues in 2020. We believe this is slightly cautious given the potential for growth across multiple areas of the business, despite the loss of some mature product sales. We value ROVI at €1.35bn.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 277.4 29.9 20.3 39.99 61.5 68.3
2018A 304.8 29.5 19.3 38.76 63.5 144.9
2019E 364.6 53.6 40.2 68.49 35.9 N/A
2020E 391.0 54.2 36.3 61.71 39.9 27.1
Industry outlook

ROVI has a strong presence in the Spanish heparin market (and select international markets through partners), where it has been manufacturing and marketing its flagship product, Hibor (second-generation LMWH), since 1998.

Last updated on 14/11/2019
Share price graph
Balance sheet
Forecast net debt (€m) 5
Forecast gearing ratio (%) 3
Price performance
Actual 12.3 11.8 43.0
Relative* 13.2 3.9 42.0
52-week high/low €25.5/€17.0
*% relative to local index
Key management
Javier Lopez-Belmonte Encina CFO
Marta Campos Martinez Investor Relations

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